Whenever Brenda Ann Covington required cash some time ago, she had just one big product left to pawn: her Chevy vehicle.
Covington utilized the 2005 Silverado as collateral to borrow funds from a of this growing quantity of Virginia organizations that provide money against someone’s vehicle.
with all the loan’s interest of about 240 %, Covington can pay almost $4,100 to own lent $1,500. Worst of most, before she took out the new loan if she defaults, the lender can seize her truck, which was paid for.
“we can not blame anybody but myself,” stated Covington, 61, of Manassas. “but it is highway robbery.”